VOW3 Volkswagen AG

   By Sarah Sloat 
 

Volkswagen AG is looking for ways to strengthen ties with partners in China, the German auto maker said on Wednesday in response to a media report that is it about to seal two large investment deals in the country.

"Volkswagen consistently searches for ways to strengthen and deepen our relationships with local partners," the German car maker said. "In this regard we will explore possible options together with all stakeholders to secure long-term success in China."

The company declined to comment directly on details of a Reuters report that it is close to two deals with electric-vehicle companies. Citing sources, Reuters said Volkswagen is set to buy 50% of Anhui Jianghuai Automobile Group Holding, the parent of EV partner JAC Motors, for at least 3.5 billion yuan ($490 million).

Volkswagen also intends to become the largest shareholder of battery maker Guoxuan High-tech Co Ltd., unnamed sources told Reuters.

Reuters said the deals could be announced as early as Friday.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

May 27, 2020 03:22 ET (07:22 GMT)

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